Raya Holding for Financial Investments, a Cairo-based conglomerate and key player in the Egyptian investment landscape, led by tycoon Medhat Khalil, has abandoned the proposed sale of Raya Foods to Helios Investment Partners after key conditions required to complete the transaction were not fulfilled.

The decision follows a review of the requirements for closing the deal and reflects Raya Holding’s stated commitment to shareholder interests and sustainable value creation across its portfolio.

The development was disclosed after a recent company meeting resolved to discontinue the transaction referenced in a Jan. 11, 2026, board decision concerning Helios Investment Partners’ amended offer to acquire 100% of Raya Foods’ share capital.

Raya Foods remains strategic asset

Raya Holding said Raya Foods remains a strategic asset and one of Egypt’s prominent exporters of frozen vegetables and fruits.

The company will continue pursuing its operational and expansion plans, with a focus on strengthening export capabilities and capturing opportunities in international markets.

Raya Holding said successful long-term investment in Egypt requires a clear strategy, sustained commitment, an understanding of market dynamics and effective execution.

Raya Holding operates 15 delivery sites across Egypt, the UAE, Bahrain, Saudi Arabia and Poland, serving more than 100 clients across telecom, banking, automotive, travel and retail sectors.

Established in 1999 through a merger involving interests linked to Medhat Khalil and Orascom Group, Raya Holding remains majority-controlled by Khalil, who owns a 58.1% stake.

Raya Holding revenue rises 22%

In the first half of 2026, Raya Holding reported consolidated revenue of EGP 33.8 billion ($664 million), up 22% from the same period in 2025.

Gross profit reached EGP 6.5 billion ($127 million), while EBITDA stood at EGP 2.9 billion ($57 million). Net profit after minority interest was EGP 739 million ($14.5 million).

Raya Foods expands frozen-food business

Raya Foods is one of the subsidiaries of Raya Holding for Financial Investments. The company acquired The International Union for Integrated Food Industries’ factory, which has operated in the market since 2006.

The facility produces a broad range of frozen fruits and vegetables for Egypt’s domestic market, spanning everyday products and innovative food solutions designed around consumer needs.

In early 2017, Raya Foods launched Lazah, a brand aimed at becoming a global household name offering healthier solutions tailored to consumers’ daily nutritional needs.

Helios maintains Africa investment focus

Helios Investment Partners is a leading Africa-focused private investment firm managing more than $3 billion in capital commitments. Founded in 2004 by Nigerian investors Tope Lawani and Babatunde Soyoye, the firm is headquartered in London, with additional offices in Lagos, Nairobi and Luxembourg.

Since its founding, Helios has focused on investment opportunities in Africa’s high-growth and under-penetrated markets.

Its milestones include founding Africa’s first two independent telecom tower companies in 2005 and 2009, which together now operate more than 14,500 towers across Africa and the Middle East.